Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue was lower than the prior quarter but comparable to the year-ago quarter. Operating cash flow turned positive, leading to a higher free cash flow and margin compared to both periods.
- Revenue generated positive operating cash flow after capital expenditure, resulting in a free cash flow margin that improved from the prior quarter and the year-ago quarter.
- Compared to the prior quarter, revenue was lower but operating cash flow shifted from negative to positive, and free cash flow margin turned positive. Compared to the same quarter last year, revenue was slightly lower, while operating cash flow, free cash flow, and margin were all higher.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$1.1B
Trailing twelve-month free cash flow.
Quarter free cash flow
$890.2M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$1.0B
Cash generated by operations before capital spending.
CapEx
$154.9M
Capital spending and related asset purchases.
FCF margin
15.7%
The share of revenue converted into free cash flow.
Cash flow trend
A short quarterly history shows whether FCF is scaling with revenue or only spiking for one period.
| Period | Revenue | Operating CF | CapEx | FCF | FCF margin |
|---|---|---|---|---|---|
| 2024-03-31 | $3.8B | $988.9M | $134.1M | $854.8M | 22.5% |
| 2024-06-30 | $6.0B | $412.1M | $199.6M | $212.4M | 3.5% |
| 2024-09-30 | $7.7B | -$720.9M | $158.1M | -$879.0M | -11.5% |
| 2024-12-31 | $5.7B | $1.0B | $154.9M | $890.2M | 15.7% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 442.9% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 2.7% | Lower capital intensity usually supports FCF margin. |
| Net cash | n/a | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Operating Cash Flow Recovery
Operating cash flow improved significantly from a negative level in the prior quarter to a positive level this quarter, and also exceeded the year-ago level. This drove a higher free cash flow and margin.
The positive free cash flow margin indicates improved cash conversion efficiency relative to both prior periods.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue generated positive operating cash flow after capital expenditure, resulting in a free cash flow margin that improved from the prior quarter and the year-ago quarter.
Compared to the prior quarter, revenue was lower but operating cash flow shifted from negative to positive, and free cash flow margin turned positive. Compared to the same quarter last year, revenue was slightly lower, while operating cash flow, free cash flow, and margin were all higher.
Monitor the proportion of client cash in total cash, as it represents funds held for ticketing clients and is not available for general corporate purposes.